It’s really very painful when we lose someone beloved. This kind of loss is something that is already too much to bear. Things can get even more complicated, especially if there are financial debts or expenses that are left behind. In this situation, it usually means that those who are left behind will be facing great financial debt if there wasn’t any savings account or life insurance policy. If you are a senior, you are probably worried about covering your final expenses, which are for sure very expensive nowadays. However, you don’t have to worry about it, as there is still a chance to get the policy you want, even when it comes to life insurance for seniors over 80.
Nobody wants to leave things unfinished, which may cause a great financial burden for the loved ones. If you are a head of the family, or you have someone that depends on you, it is your responsibility to secure them financially before you pass away.
Life Insurance for Seniors Over 80, is it possible?
Many people think that being a senior makes you uninsurable. This is not true, especially if your overall health is good for your age.
Nowadays people think about the life plan when they are older. Therefore, there are many insurers who are dealing with seniors 80. You will find that premiums vary from company to company.
Hence, compare rates from more than three sources. To get instant free quotes, click here and save up to 75%.
Which Type of Life Insurance Should I Choose?
There is never ending debate which life insurance policy to choose. Basically, there are two kinds of policies offered by most of the insurance companies. Term life insurance and whole life insurance; term policy is mainly chosen by younger people below 50. This type of plan is good for those people who still have mortgages or other loans.
Seniors sometimes prefer term insurance for their special needs, like covering their final expenses. However, if you are looking for life insurance over 80, in some cases it may happen that both of these insurances cost the same. In that case, whole life insurance is an excellent idea.
When it comes to policy for seniors, the main factor is health. If your health is not good, it may happen that most of the companies will refuse to cover you. In other words, they will find you uninsurable.
On the other hand, it may happen that the coverage is much higher for life insurance over 80 than you expected. Most of the underwriters don’t want to scansion any insurance below $50,000, it’s a positive site for you when are looking for larger coverage.
Term Life Insurance
Term life insurance for seniors over 80 is more affordable in many cases. It happens because insurers consider you as a respected citizen and they always try to honor you. Another positive site of a term policy is that it extends the flex-ability; you have the option to choose the length, payment amount, and coverage amount.
People with poor health may face hard to get a plan. Health is very important here and the policy becomes tricky. Some insurers don’t allow your family to claim insurance benefits if you pass away before paying 24 months (2 years) installments, which is one of the biggest disadvantages. However, if you are willing to risk, this might be the best option for you.
We also shouldn’t forget that term life insurance offers smaller coverage and rates usually stay the same. This way you don’t have to worry about paying more than you expected. If you are worried about funeral expenses or small financial debts then this policy is a right choice for you. There are few companies that will offer you term life insurance if your health is good.
Whole Life Insurance
Whole life insurance is another thing, in many cases even better choice but it’s much more difficult to get. This is only possible when someone looks for higher face value. On another hand, the value doesn’t increase with the increment of funeral expense increment. Actually, here you are paying your money to the insurance company to make money for you rather than investing the money by your own.
Can I Get Guaranteed Acceptance Life Insurance?
As we all know, when being healthy, there are far more options for life insurance than for those who have health problems. What is interesting is that when you are looking for life insurance at 80, there are some diseases that insurance companies will expect you to have. This actually means that insurer will not care much about health problems such as cold, fever, cough or any expected diseases in your age like high pressure or sugar. These problems will not be an obstacle for you to get life insurance for seniors over 80.
If you, on the other hand, had a major surgery or have any serious medical disease, many life policies will be out of your reach and you will be listed as high risk. People with higher health risk can choose guaranteed life insurance for seniors. As no medical exam is required here you can easily get the insurance. But it’s much more expensive. You may have to pay five to ten times extra premium for this insurance. If you die before paying 24 months premium, your family can’t claim for insurance money.
Buy As Early As Possible
Nowadays it is also easier to find life insurance for people over 80 than it was before. Even though it seems to be popular and it is offered almost by all insurance companies. However, the truth is that choosing a policy earlier could be the best option. When you were over 70, you could have purchased a low-cost life insurance.
However, if you still don’t have life insurance, now is the good time to get one as it is still one of the best ways to protect your family from any unexpected costs. In this age, it is important to take a quick action to make sure you found the best deal.